Improve conditions for buying a house in the Treasure Valley

Last June, Boise real estate agent, Phil Mount, searched for clients who wanted to buy a house in Boise for $ 250,000. The pickings were slim: six houses.

Last month, the Mountain made a similar search and got more than 35 houses. "West Boise, South Boise, the Tribunal and the Northwest Boise – these are all areas [where] you can still find things at that price point, "said Mount, an agent with Front Street Brokers and president of Real Estate Real Estate.

This broader choice is good news for buyers. January broke a streak. For the first time in more than four years, the number of existing houses on the market in Ada County exceeded the number during the same month in the previous year: 502, compared to 474 in January 2018. That is According to data released Tuesday at the Intermountain Multiple Listing Service.

Prices have also been made on buyers: the average price of Ada County fell from all homes sold in January 2 per cent to $ 318,000. In the case of newly built houses, it dropped 6.5 percent to $ 373,786. In the case of existing houses, it has been 0.5 per cent to $ 286,450, still below the levels of the last fall.

In County Canyon, the reduced supply streak was set for existing houses. There were 269 such houses for sale, compared to 248 years previously. But there was no price relief: Average average prices rose all 3 per cent to $ 235,000 – the highest in the past year.

"We have one month of data that is different from what we have seen in the previous 51 months," said Mount. "Who knows it is a trend. I hope this will be a season when we have a little more inventory and more options for buyers."

Mount forecasts that the housing market will be strong this year. It is likely that more people may want to escape with high-tax states such as California due to changes in federal tax law that impose deductions for couples to $ 10,000 for property, income and sales taxes.

"When they can not write off expensive expensive property assets like they, the ballgame changes," he said. "I think we'll see more."

More details:

Most expensive neighborhoods: The highest average sales prices in January in North Boise, at $ 532,000, followed Eagle at $ 513,500 and North Boise at $ 498,262.

Ada neighborhoods at least expensive: The lowest prices in Garden City, at $ 222,000, followed by West Boise at $ 228,250 and the Boise Bank at $ 241,000.

New house building keeps rising: During the Treasure Valley last year, there were 5,884 new home starts, up 14 percent, according to Metrostudy, a research firm. Since 2012, a new home in Treasure Valley has increased by an average 25 percent per annum, found on Metrostudy.

Costlier new houses: In 2017, 53 per cent of all new houses that started in the Treasure Valley had a price below $ 300,000, said Metrostudy. Last year, houses in the price range are just 32 per cent of those available.

Interest rates come: Lower interest rates are attracting more attractive, Mount said. Last week, long-term mortgage interest rates dropped to at least 10 months. Mortgage buyer, Freddie Mac, reported that the average rate on a fixed rate mortgage was 30% fixed to 4.41 percent. It was as high as 4.94 percent in November.

David Staats Business Editor added.


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